November inflation inches up to 11.7%

Business News of Saturday, 16 December 2017

Source: radiogold905.com

2017-12-16

Inflation rate measures the average rise in the prices of goods and services that households consume

Inflation for the month of November 2017 increased to 11.7 per cent as against 11.6 per cent recorded in October 2017.

This means that the general price level within the period under review went up marginally by 0.9 per cent.

The rise was as a result of the corresponding increases in the food and non-food inflation baskets.

Inflation rate measures the average rise in the prices of all consumer goods and services that households acquire for the purpose of consumption.

Factors

At a press conference in Accra on Wednesday, the acting Government Statistician, Mr Baah Wadieh, said the increase was the outcome of a rise in the combined effect of the food and non-food inflation rate within the period.

“The main price drivers for the non-food inflation rate were transport (18.6 per cent), clothing and footwear (18.3 per cent), recreation and culture (17.1 per cent), furnishing, household equipment and routine maintenance (15.2 per cent) and miscellaneous goods and services (14.0 per cent).

“The price drivers for the food inflation rate were vegetables (9.0 per cent) and fish and sea food (8.8 per cent),” he said.

The year-on-year non-food inflation rate for November 2017 was 13.6 per cent compared to the 13.2 per cent recorded in October 2017.

However, the year-on-year food inflation rate for November 2017 was 7.9 per cent, compared to the 8.2 per cent recorded in October 2017.

The year-on-year non-food inflation rate (13.6 per cent) is more than one and half times that of the food inflation rate (7.9 per cent).

Imported items

Under the period, the year-on-year inflation rate for imported items (13.1 per cent) was 1.9 percentage points higher than that of locally produced items (11.2 per cent).

Four regions (Greater Accra, Upper West, Brong Ahafo and Ashanti) recorded inflation rates higher than the national average of 11.7 per cent.

Greater Accra Region recorded the highest year-on-year inflation rate of 12.7 per cent, followed by the Upper West, 12.4 per cent, while the Upper East recorded the lowest year-on-year inflation; 10.0 per cent in November 2017.

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